AI RACE
The UK’s AI game is strong, but America’s still winning
A new study from Accenture shows that UK-based multinationals are among Europe’s top adopters of AI, but the US continues to move faster, and that could widen the productivity gap between the two economies.
Accenture surveyed 800 European companies with annual revenues above £740 million.
It found that 49% of UK multinationals have scaled at least one strategic AI initiative, compared to 43% across Europe.
Larger firms, earning over £7.4 billion, are driving much of this progress.
Many are moving beyond small pilot projects and embedding AI across core areas of the business, from talent and infrastructure to systems integration, to generate better value and returns.
But there’s still work to do. More than half of the UK’s major organisations haven’t fully embraced AI yet.
According to Accenture, if businesses adopt generative AI responsibly and at scale, the UK could add up to £736 billion to its annual GDP by 2038, potentially gaining more than any other G7 country.
The study also highlights how the US is pulling further ahead.
With more large multinationals, higher productivity, and faster AI integration, the US remains a step ahead of both the UK and Europe.
On average, European workers currently produce 76% of the output of US workers, a sharp decline from near parity three decades ago.
TL;DR
Nearly half of UK multinationals have scaled at least one AI initiative — ahead of the European average.
Generative AI could add £736 billion to UK GDP by 2038 if adopted at scale.
The US leads in AI integration, leaving Europe at risk of falling further behind.
Catch up or fall behind
Slower adoption of new technologies is seen as a major reason behind this gap.
Jonathan Keane, Accenture’s strategy and consulting lead for the UK, Ireland, and Africa, warns that progress needs to move faster: broader AI adoption beyond multinationals is essential to boost growth and compete globally.
Europe: We’re catching up.
US: Haha, no.